Reconnaissance Energy Africa Ltd (TSX-V:RECO, OTCQX:RECAF) has
announced a CAD20mn ($14.8mn) overnight marketed private placement
to fund a broad 2026 capital programme spanning Namibia, Angola and
offshore Gabon.
The financing is intended to support exploration, appraisal and
technical work across the company’s southern and west African
portfolio, as ReconAfrica advances a multi-basin strategy following
recent acreage additions and regulatory engagements.
In Namibia, the company holds interests in exploration licences
in the Kavango Basin, where it has previously drilled exploratory
wells and conducted seismic programmes targeting conventional oil
and gas prospects in underexplored onshore acreage.
ReconAfrica has also expanded into Angola, pursuing early-stage
exploration opportunities as the country seeks to sustain upstream
investment and attract new international explorers under its
licensing and regulatory framework.
Offshore Gabon provides exposure to a mature hydrocarbon
province with established infrastructure and a track record of
commercial discoveries, offering portfolio balance between frontier
and lower-risk plays.
The overnight marketed private placement will fund capital
expenditure, technical studies and general corporate purposes.
Pricing, investor composition and closing conditions were not
disclosed.
Reconnaissance Energy Africa Ltd is a Canada-based oil and gas
exploration company focused on frontier and underexplored basins in
Africa, pursuing conventional hydrocarbon plays through seismic
acquisition, exploratory drilling and portfolio
diversification.
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